Investments and avoiding management letter comments

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A common audit comment given to organizations is in regards to recording investment activity. An organization should track the changes in the investment accounts monthly by each individual investment that makes up each account. After the changes are compiled in a spreadsheet the overall change should be recorded monthly in the accounting records.

Below are some common mistakes related to recording the investment activity and suggestions for how to fix them:

  • Realized gain is not computed correctly. Just because a gain/loss number is provided by the Investment Broker does not mean it is the one you need to use. …read more

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